Naples Global Advisors LLC Sells 400 Shares of Pinnacle West Capital Corporation $PNW

Naples Global Advisors LLC lessened its stake in shares of Pinnacle West Capital Corporation (NYSE:PNW) by 3.5% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 10,983 shares of the utilities provider’s stock after selling 400 shares during the period. Naples Global Advisors LLC’s holdings in Pinnacle West Capital were worth $983,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Wealth Enhancement Advisory Services LLC boosted its holdings in shares of Pinnacle West Capital by 26.2% during the 4th quarter. Wealth Enhancement Advisory Services LLC now owns 29,775 shares of the utilities provider’s stock valued at $2,524,000 after purchasing an additional 6,183 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. raised its position in shares of Pinnacle West Capital by 12.0% during the 1st quarter. Mirae Asset Global Investments Co. Ltd. now owns 13,127 shares of the utilities provider’s stock valued at $1,236,000 after buying an additional 1,411 shares in the last quarter. Stratos Wealth Partners LTD. raised its position in shares of Pinnacle West Capital by 26.2% during the 1st quarter. Stratos Wealth Partners LTD. now owns 5,546 shares of the utilities provider’s stock valued at $528,000 after buying an additional 1,150 shares in the last quarter. Sumitomo Mitsui Trust Group Inc. raised its position in shares of Pinnacle West Capital by 8.5% during the 1st quarter. Sumitomo Mitsui Trust Group Inc. now owns 4,650 shares of the utilities provider’s stock valued at $443,000 after buying an additional 366 shares in the last quarter. Finally, Amalgamated Bank raised its position in shares of Pinnacle West Capital by 1.7% during the 1st quarter. Amalgamated Bank now owns 22,300 shares of the utilities provider’s stock valued at $2,124,000 after buying an additional 372 shares in the last quarter. Institutional investors own 91.51% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have recently issued reports on PNW. Argus decreased their target price on shares of Pinnacle West Capital from $98.00 to $95.00 and set a “buy” rating on the stock in a research report on Tuesday. KeyCorp decreased their target price on shares of Pinnacle West Capital from $101.00 to $100.00 and set an “overweight” rating on the stock in a research report on Wednesday, July 16th. Barclays decreased their target price on shares of Pinnacle West Capital from $94.00 to $93.00 and set an “equal weight” rating on the stock in a research report on Wednesday, August 13th. Morgan Stanley decreased their target price on shares of Pinnacle West Capital from $89.00 to $87.00 and set an “equal weight” rating on the stock in a research report on Thursday, September 25th. Finally, Mizuho lowered shares of Pinnacle West Capital from an “outperform” rating to a “neutral” rating and reduced their price objective for the stock from $102.00 to $90.00 in a research report on Tuesday, September 9th. Four equities research analysts have rated the stock with a Buy rating and eight have issued a Hold rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $95.91.

Insider Activity at Pinnacle West Capital

In other news, EVP Jacob Tetlow sold 6,496 shares of the firm’s stock in a transaction that occurred on Monday, August 11th. The shares were sold at an average price of $92.37, for a total transaction of $600,035.52. Following the transaction, the executive vice president directly owned 56 shares of the company’s stock, valued at approximately $5,172.72. This trade represents a 99.15% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 0.23% of the company’s stock.

Pinnacle West Capital Stock Performance

Pinnacle West Capital stock opened at $87.79 on Friday. The company has a debt-to-equity ratio of 1.25, a current ratio of 0.52 and a quick ratio of 0.37. Pinnacle West Capital Corporation has a 1-year low of $81.47 and a 1-year high of $96.50. The firm has a market capitalization of $10.48 billion, a P/E ratio of 18.10, a price-to-earnings-growth ratio of 9.11 and a beta of 0.46. The company’s 50-day moving average is $89.48 and its 200 day moving average is $90.88.

Pinnacle West Capital (NYSE:PNW) last posted its quarterly earnings data on Wednesday, August 6th. The utilities provider reported $1.58 earnings per share for the quarter, hitting analysts’ consensus estimates of $1.58. Pinnacle West Capital had a net margin of 10.96% and a return on equity of 8.45%. The company had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.35 billion. During the same period in the prior year, the company posted $1.76 EPS. The firm’s revenue for the quarter was up 3.8% on a year-over-year basis. Research analysts forecast that Pinnacle West Capital Corporation will post 5.13 EPS for the current year.

Pinnacle West Capital Profile

Pinnacle West Capital Corporation, through its subsidiary, provides retail and wholesale electric services primarily in the state of Arizona. The company engages in the generation, transmission, and distribution of electricity using coal, nuclear, gas, oil, and solar generating facilities. Its transmission facilities include overhead lines and underground lines; and distribution facilities consist of overhead lines and underground primary cables.